Updated on December 2, 2016 10:37:37 AM EST
Today’s big news was November’s Employment report at 8:30 AM ET. It showed that the U.S. unemployment rate fell to 4.6% last month and that 178,000 new jobs were added to the economy. The unemployment rate came in well below the 4.9% that was expected while the payroll number was a near match to the 180,000 that forecasts were calling for. The weaker unemployment rate is technically bad news for bonds and mortgage rates because it shows the employment sector is gaining strength. A softer payroll number would have been preferred, but at least it did not come in higher than expected. A downward revision of 19,000 jobs to October’s number tilts the payroll number to neutral-to-slightly positive for mortgage rates.